India: Two local companies, the rolling stock manufacturer Titagarh Rail Systems and the AC systems provider Sidwal (part of Amber Group), have announced the creation of a special purpose vehicle, SPV, with each party investing INR 1.2 bln ($14.4 mln).
The production range is not disclosed. The companies are also discussing the possible localisation of car interiors and toilets. The SPV is supposed to supply components to India and Italy, where Titagarh Firema’s site is situated.
The components will be for passenger and metro cars, and the Titagarh backlog includes contracts to deliver such vehicles to India and Italy. Jasbir Singh, CEO of Amber Group, says that in the long run, SPV is to produce 20–25% of the components for passenger cars.
